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VGU RESEARCH REPOSITORY


Please use this identifier to cite or link to this item: https://epub.vgu.edu.vn/handle/dlibvgu/1193
Title: Critical review of current developments of IAS 12 income taxes
Authors: Do Ngoc Anh Thu 
Keywords: IAS 12;Income tax
Issue Date: 2020
Publisher: Vietnamese-German University
Abstract: 
The simultaneous recognition of an asset and a liability in a single transaction has created a diversity in the applications of initial recognition exemption under IAS 12 Income Taxes. This variation becomes more prevalent with the introduction of IFRS 16 Leases being effective from accounting. Thus, the proposed amendment to IAS 12 to address those issues is a topic of major concern to reduce the diversity in the application and enhance the comparability in financial presentation. Different perspectives of the proposed amendment are reviewed in this paper, which target at evaluating the impacts of the new amendment on entities as well as considering suggestions for the improvement of the proposed amendment or considering the alternatives approaches for the issues. Different comment letters and ideas from big entities are reviewed, compared and summarized to evaluate the impacts of the exposure draft under different tax jurisdictions and circumstances. Although the new amendment brings up several unintended outcomes and complexities in the accounting treatments especially in subsequent periods, this adjustment fulfils the objective to reduce the diversity arising from leases transactions in IAS 12 and is aligned with the principles of initial recognition exemption. Further guidance and illustrative examples for the amendment from the Board are believed to address potential issues and enhance the financial presentation
URI(1): http://epub.vgu.edu.vn/handle/dlibvgu/1193
Rights: Attribution-NonCommercial 4.0 International
Appears in Collections:Finance & Accounting (FA)

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